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What are the most common methods for tracking project schedules?

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Project schedules are essential tools for managing and monitoring the progress, costs, and quality of any project. However, not all projects are the same, and different methods may be more suitable for different types of projects, clients, and industries. In this article, you will learn about the most common methods for tracking project schedules and how they can help you achieve your project goals.

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Asha Kanta Sharma

Assistant Manager - Finance & Accounts Decimal Technologies | Fintech | Financial Accounting
Akanksha Gaur

Engineering Manager | Transforming Ideas into Impactful Solutions with High-Performing Teams

1 Gantt Charts

Gantt charts are one of the most widely used methods for tracking project schedules. They are visual representations of the tasks, milestones, dependencies, and deadlines of a project, usually displayed as horizontal bars on a timeline. Gantt charts can help you plan, coordinate, and communicate the project scope, sequence, and duration, as well as identify and resolve any potential issues or risks. You can use various software tools to create and update Gantt charts, such as Microsoft Project, Excel, or online platforms like Asana or Trello.

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Asha Kanta Sharma

Assistant Manager - Finance & Accounts Decimal Technologies | Fintech | Financial Accounting
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Tracking project schedules is crucial for ensuring project success and meeting deadlines. Common methods include Gantt charts, Critical Path Method (CPM), PERT (Program Evaluation and Review Technique), Kanban Boards, Resource Histograms, Burndown Charts, Earned Value Management (EVM), Project Management Software dashboards, Daily Stand-up Meetings, and Project Schedule Reports. Each method offers unique advantages and suitability for different project types, allowing for efficient resource management, visual representation of project timelines, and the ability to identify potential issues early.

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Faheem Asmalgee

I Quit Quitting
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Planned vs Actual Time / Cost. - Every transaction must be supported by an activity. - A valid transactional document supports this activity. - The approver (Accountable/ responsible Role) of the transaction would determine the validity and nature of this transaction. Thus a an Approved timesheet/ expense Claim/ Purchase Document could reflect progress. Any out of planned costs can be approved as "On Target, Under recovery or over recovery" Gantt Charts etc are just *Supportive data representation techniques* of the nature of the activity. They are supported by "Crap in, Crap Out"

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2 Critical Path Method (CPM)

Critical path method (CPM) is a method for tracking project schedules that focuses on the longest sequence of tasks that must be completed on time to avoid delaying the project. This sequence is called the critical path, and any task on it is called a critical task. CPM can help you optimize the project schedule by calculating the earliest and latest start and finish dates for each task, as well as the amount of slack or float available for non-critical tasks. You can use CPM to prioritize and allocate resources, monitor progress, and adjust the schedule if needed.

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cma Madan Mohan Bhattacharyya

Qualified Member of Chartered Public Finance and Accountants(UK)
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CPM is one of the best method for completion of the job or commissioning of a project in time. It helps the management to focus on the critical tasks. All the projects of National Thermal Power Corporation has been commissioned before time by utilising CPM.

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3 Program Evaluation and Review Technique (PERT)

Program evaluation and review technique (PERT) is a method for tracking project schedules that accounts for the uncertainty and variability of task durations. PERT uses three estimates for each task: optimistic, most likely, and pessimistic. These estimates are then used to calculate the expected duration and variance of each task, as well as the probability of completing the project within a given time frame. PERT can help you manage complex and uncertain projects by identifying the critical path, estimating the project duration and risk, and performing what-if scenarios.

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4 Earned Value Management (EVM)

Earned value management (EVM) is a method for tracking project schedules that also integrates the project budget and performance. EVM measures the actual work completed against the planned work and the actual costs incurred against the planned costs. EVM can help you evaluate the project status and performance by calculating key indicators, such as schedule variance, cost variance, schedule performance index, and cost performance index. You can use EVM to forecast the project completion date and budget, as well as to identify and correct any deviations or issues.

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5 Agile Methods

Agile methods are a set of flexible and adaptive methods for tracking project schedules that emphasize collaboration, feedback, and iteration. Agile methods break down the project into smaller and manageable units, called sprints or iterations, that deliver incremental and functional results. Agile methods can help you cope with changing requirements, expectations, and environments by involving the stakeholders, testing and validating the outcomes, and continuously improving the process. You can use various frameworks and tools to implement agile methods, such as Scrum, Kanban, or Jira.

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Akanksha Gaur

Engineering Manager | Transforming Ideas into Impactful Solutions with High-Performing Teams
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Agile methods are well-suited for developing software where the end user workflows are not concrete. Workflows are broken into small manageable & achievable parts. Regular validations at the end of every sprint help you facilitate iterative enhancements to your product workflow.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most common methods for tracking project schedules?

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1 Gantt Charts

2 Critical Path Method (CPM)

3 Program Evaluation and Review Technique (PERT)

4 Earned Value Management (EVM)

5 Agile Methods

6 Here’s what else to consider

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